In our society, Elite Overproduction can be explained as a form of Malthusian social competition where only so many resources and only so much status is available, and the only way to access a satisfactory slice is to compete within the power structures that control them. In turn, our institutions evolve mainly to facilitate this competition rather than performing their ostensible material functions. In turn this causes resentment to grow among those who never had access to those institutions in the first place.This situation is a consequence of Elite Underproduction. Our society is chronically bad at producing and nurturing true elites, the individuals who are capable of creating and sustaining frontiers. That makes malthusian competition inveitable, and the only thing going - the kinds of 'elites' we end up producing are good at that kind of competition and not much else.
Yes it’s important to have elites that go out and create new frontiers, but at the same time status in a hierarchical society is inherently zero-sum. We can’t all be high status, because there needs to be some reference point.
As an example in the world of law there are only so many spots available at Harvard Law School, even fewer spots for clerking with Supreme Court justices, and of course a very very small amount of actual Supreme Court justices.
What happens when someone loses the high-status tournament to become a Supreme Court justice? Ideally they find another tournament/status game to play, somewhere they can succeed. But even so, if we saturate our society with too many lawyers, there are simply not enough tournaments they can play in (that will also pay them enough to pay off their student loans).